DFCAvsMMCAETF Comparison
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Dimensional California Municipal Bond ETF (DFCA) and NYLI MacKay California Muni Intermediate ETF (MMCA) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. DFCA is less expensive with a Total Expense Ratio (TER) of 0.19%, versus 0.7% for MMCA. DFCA is down -0.18% year-to-date (YTD) with +$133M in YTD flows. MMCA performs worse with -0.72% YTD performance, and +$23M in YTD flows. Run a side-by-side ETF comparison of DFCA and MMCA below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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DFCA vs MMCA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | DFCA MMCA | -0.52%-0.54% | -1.13%-1.72% | -0.18%-0.72% | +2.54%+2.50% | +7.50%+11.16% | n/an/a |
| Flows | DFCA MMCA | +$19M- | +$47M+$3M | +$133M+$23M | +$239M+$59M | +$560M+$58M | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DFCA MMCA | +1.72%+2.64% | +1.58%+2.30% | +2.28%+2.96% | n/an/a |
| Max drawdown | DFCA MMCA | -1.64%-2.23% | -1.73%-2.90% | -3.58%-3.70% | n/an/a |
| Max drawdown duration | DFCA MMCA | 57d58d | 184d185d | 270d151d | n/an/a |
Trading data
DFCA | MMCA | |
Last sale 9/3/2026 at 4:29 PM | $49.13 | $21.29 |
| Previous close 09/02/2026 | $49.13 | $21.27 |
| Consolidated volume 09/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 9/3/2026 at 4:29 PM
Live
Closed
DFCA | MMCA | |
|---|---|---|
| Last price | $49.13 | $21.29 |
| 1D performance | -0.01% | +0.09% |
| AuM | $720.67 M | $89.16 M |
| E/R | 0.19% | 0.7% |
Characteristics
DFCA | MMCA | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Dimensional | New York Life Investments |
| Benchmark | - | - |
| N° of holdings | 133 | 35 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | June 27, 2023 | December 22, 2021 |
| ESG | No | No |
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Exposure
Countries
DFCA
USA
36.1%
Other
63.9%
MMCA
USA
33.52%
Other
66.48%
Sectors
DFCA
Municipal
36.1%
Other
63.9%
MMCA
Municipal
33.52%
Other
66.48%
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Diversification
DFCA
Total weight of top 15 holdings out of 15
13.43%
MMCA
Total weight of top 15 holdings out of 15
25.56%
Top 15 holdings
Data as of July 31, 2026
DFCA
California, 5% 1apr2035, USD
1.53%
US769110DA28
1.32%
US797661G257
1.04%
US072024YF30
0.95%
US544647HM52
0.91%
US797661D510
0.90%
California, 5% 1oct2042, USD
0.88%
California, 5% 1oct2029, USD
0.79%
US013079R2J7
0.77%
US797661F424
0.76%
California, 4% 1nov2036, USD
0.75%
US544647JH40
0.73%
US013079QGW5
0.70%
US013079Q2R1
0.70%
University of California Medical Center, FRN 15may2045, USD
0.70%
MMCA
California Community Choice Financing Authority, 5% 1oct2034, USD (2026G)
2.70%
California Community Choice Financing Authority, 5.25% 1feb2036, USD (2026C)
2.29%
US13013JCM62
2.26%
California Public Works Board, 5% 1sep2035, USD (2026)
2.14%
US120827ES50
2.06%
US13077DYV80
1.84%
San Jose (CA), 3.05% 1may2066, USD (2026A)
1.60%
California Infrastructure and Economic Development Bank, 3.25% 1jun2033, USD (2026)
1.59%
US845389PU30
1.37%
US13032UWT14
1.37%
California Community Choice Financing Authority, 5% 1apr2056, USD (2026A-1)
1.35%
US13080SJE54
1.29%
US376087EM00
1.24%
Anaheim Community Facilities District №08-1, 4% 1sep2041, USD (2016)
1.23%
US010824PH72
1.20%
Frequently asked questions about DFCA and MMCA
How have the DFCA and MMCA ETFs performed in 2026?
As of September 1, 2026, DFCA is down -0.18% year-to-date (YTD), while MMCA has lost -0.72%. That puts DFCA better performer ahead so far this year.
Which ETF is attracting more investor money: DFCA or MMCA?
Year-to-date, the DFCA ETF saw +$133M in flows, compared to +$23M for MMCA.
Which ETF is more volatile: DFCA or MMCA?
Over the past year, DFCA had a volatility of 1.58%, while MMCA experienced 2.3%.
Which ETF is bigger: DFCA or MMCA?
As of September 1, 2026, DFCA holds $720.67 M in assets under management (AUM), while MMCA manages $89.16 M.
What sectors do the DFCA and MMCA ETFs invest in?
DFCA leans toward sectors like Municipal. Meanwhile, MMCA focuses on Municipal.
What are the top holdings of the DFCA ETF and MMCA ETF?
DFCA top holdings include California, 5% 1apr2035, USD, US769110DA28 and US797661G257. MMCA holds in its top three: California Community Choice Financing Authority, 5% 1oct2034, USD (2026G), California Community Choice Financing Authority, 5.25% 1feb2036, USD (2026C) and US13013JCM62.
Which ETF is more diversified: DFCA or MMCA?
DFCA holds 505 securities with 13.43% of its assets in the top 15. MMCA has 124 securities and a top 15 weight of 25.56%.
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